The recession has caused most all of us to reevaluate the way we shop, and people are looking for value in their purchases more than ever. Companies like Wal-Mart, Costco, and McDonald's have been more successful in the down economy due to their reputations as discount spots, but designer jeans, high-definition TVs, and iPhones haven't performed too shabbily themselves.
What gives? Shoppers see them as affordable luxuries that have extended value over expenses like vacations that don't come with material evidence. Find out where shoppers are holding back when you read more.
A recent survey by the marketing firm GfK Custom Research asked 2,000 Americans which expenses would be the first to go if they needed to cut back, and the results were pretty much what you would expect. Here's more:
- Eighty-two percent would give up dining out.
- Respondents said they'd cut back on entertainment like sporting events as a cost-saving measure.
- The majority of participants said a personal clothes budget isn't a necessity.
- The survey found that most people would cut back on expensive groceries to save money.